Link: https://epaper.financialexpress.com/4212656/Mumbai/October-22-2026#page/23/1

Integris Medtech Limited has recalibrated its proposed initial public offering (IPO), reducing the fresh issue component from ₹925 crore to ₹600 crore, according to an addendum to its Draft Red Herring Prospectus (DRHP).

The revision reflects a calibrated approach to capital raising amid evolving market dynamics and heightened volatility arising from geopolitical developments, with the company retaining a significant focus on debt reduction.

A key highlight of the revised IPO structure is the proposed utilisation of approximately ₹509.85 crore, representing nearly 85% of the gross fresh issue, towards repayment or prepayment of borrowings across its wholly owned and step-down subsidiaries, including Translumina Therapeutics, Transhealth, CPC Diagnostics, Chemopharm and Research Instruments.

The proposed debt reduction could strengthen the company’s consolidated balance sheet, lower future finance costs and provide greater financial flexibility for its medical technology operations.

The revised offer structure also sees promoters Gurmit Singh Chugh and Punita Sharma withdraw their proposed Offer for Sale (OFS) participation, allowing them to retain their existing shareholdings through the proposed transaction. Meanwhile, promoter Evercure Holdings Pte. Ltd. has reduced its proposed OFS to up to 1,08,37,266 equity shares. The restructuring indicates a more measured approach to shareholder dilution and capital mobilisation, while prioritising the company’s existing debt obligations.

With the revised fresh issue size and increased emphasis on deleveraging, Integris Medtech’s IPO presents a balance-sheet-strengthening proposition, with potential benefits for its financial flexibility following the proposed listing.

Integris Medtech Limited is a diversified India-based global medical products and laboratory solutions company operates across two key global medtech segments including cardiovascular devices (including drug-eluting stents, drug-coated balloons, complex coronary intervention products, and vascular access solutions) and laboratory solutions, which serve clinical, research, and industrial laboratories. Co-founded by Gurmit Singh Chugh and Punita Sharma, Integris’s journey began with the sales of cardiology products and it has steadily transitioned into advanced manufacturing with introduction of technologies such as Yukon drug eluting stent.

It is India’s second-largest coronary stent manufacturer by sales volume in FY26, commanding an estimated 25% market share in drug-eluting stents, while also being the largest scientific laboratory solutions company in Southeast Asia. With manufacturing facilities across India, Germany and the Netherlands, the company sells products in over 68 international markets outside India and serves more than 9,500 laboratories and 2,000 hospitals and cath labs globally.

Integris Medtech’s proposed IPO comes against an encouraging backdrop for India’s medical devices sector, following the strong subscription to Sahajanand Medical Technologies’ ₹475 crore IPO, which was subscribed 14.2 times overall, including 34.7 times by qualified institutional buyers. The robust institutional participation in Sahajanand’s issue could generate favourable interest in Integris Medtech’s public offering, particularly given its diversified business portfolio, international operations and proposed utilisation of fresh issue proceeds towards debt repayment.

ICICI Securities Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited And IIFL Capital Services Limited (formerly known as IIFL Securities Limited) are the bankers to the issue.